EASTHAMPTON — Easthampton Savings Bank faces stiff competition and, like all banks, is challenged by low interest rates, but Matthew S. Sosik, the bank’s new president, says he sees a lot of potential.

“But that said, we are a mutual bank with more than 12 percent capital,” Sosik said, adding that 7 percent or 8 percent available capital is more typical for a bank of Easthampton’s size. “It represents a lot of cushion. It gives us a lot of room to grow.”

The 43-year-old Sosik succeeds the retiring William S. Hogan. Hogan had been president of Easthampton Savings since 1992, having come to the bank in 1970.

Sosik lives in Sturbridge with his wife, Janice, and their three daughters ages 14, 12 and 9. He is making the 45-minute commute to Easthampton for the time being as he and his wife are caring for his 100-year-old grandmother, whose home is on the same piece of property as theirs. His future plans are to relocate his family to the Pioneer Valley.

Hogan will continue as the bank's CEO until his last day at the office on Sept. 30, and Hogan will continue to serve as chairman of the board.

“We know that people are the priority. Easthampton Savings Bank is to fine tune it and to perpetuate what Bill has already created,” Sosik said.

Easthampton Savings Bank, founded in 1869 has $980 million in assets and about 200 employees. Easthampton Savings Bank has 10 branches in Hampshire and Hampden counties. That includes an office and a recently-opened “loan and banking center” at 241 Northampton St. which will is helping relieve pressure on the bank’s Main Street offices. The bank is also replacing its Belchertown offices.

Sosik was a bank examiner for the FDIC until December 1996, when he took on the role of chief operating officer at Webster Cooperative Bank at 26 years old. He rose to the rank of CEO only five months later, and, in his tenure, shepherded the bank through the acquisition of Athol-Clinton Cooperative Bank and a name change to Hometown Bank. in his time there, he raised Hometown’s total assets from $33 million to $340 million upon his departure.

The Webster and Athol-Clinton Cooperative merger doesn’t necessarily mean that Sosik is looking to do that same thing here, he said.

“It’s something I know how to do and am familiar with,” he said. “We’ll evaluate it.”

As a mutual bank, owned by its account holders, Easthampton Saving can’t be bought out. But it can merge, most likely with another mutual bank.